Posted by John (CA) on April 13, 2004 at 15:07:03:
I have Steve Cook’s course on wholesaling, Bill Bronchick’s course on Quick Flipping, and Ron Legrand’s course on Wholesaling and Retailing. I also read 3 books on rehabbing and you’ll find lots of parallels.
Ron goes more in depth into retailing/rehabbing. We’re working on our first one too and we’re learning a lot. We’re doing a lot of things wrong. But we’ve built in a cushion for oops and worst case, we’ll rent out our home and live in this one, or lease option it out. Some tips I’ve gotten, do your own research, buy your own materials, get at least 3 estimates on repairs, use handymen instead of contractors for most of your work, learn how-to’s from Home Depot, make your money going in, cover yourself (insurance).
Find a mentor to ask questions of. There’s a lot of things you’ll overlook and a mentor can help you with these. I’m lucky enough that my uncle is a rehabber (3-5 homes per year) and gives me plenty of pointers.
You might want to look at wholesaling to rehabbers first to get your feet wet as far as understanding what rehabbers want and how to estimate all the costs involved in rehabbing. And learn from them by following them thru the whole process.